18 January 2013 17:00 [Source: ICIS news]
LONDON (ICIS)--Here is Friday’s end of day European oil and chemical market summary from ICIS.
CRUDE: February WTI: $95.36/bbl, down 13 cents/bbl. March BRENT: $110.85/bbl, down 25 cents/bbl
Crude oil futures continued to trade below Thursday’s settlement values amid concerns of weaker global demand for oil. The American Petroleum Institute said on Friday that US oil consumption in 2012 fell to its lowest level for 16 years.
NAPHTHA: $920-922/tonne, up $9/tonne
The cargo range climbed from earlier in the day, driven by a stronger crack spread. There were two trades this afternoon. February swaps were assessed at $919-921/tonne.
BENZENE: $1,425-1,450/tonne, down $10-20/tonne
Lower US numbers brought the market down towards the end of the day. January bids were at $1,425/tonne, while February was valued at $1,425-1,450/tonne.
STYRENE: $1,690-1,705/tonne, down up $5/tonne on the sell side
January offers came off slightly as benzene numbers dipped, but were able to resist much of the downtrend in a bullish market going forward. February remains in contango at $1,700-1,730/tonne.
TOLUENE: $1,300-1,320/tonne, steady
The market was quiet amid a balanced supply/demand dynamic and the range for January was unchanged. While some spot activity had taken place earlier in the month for export purposes, lower global prices have now effectively closed the arbitrage window.
MTBE: $1,199-1,202/tonne, up by $3/tonne on the high side
One deal was done at Thursday’s level, with another marginally higher. EuroBob gasoline traded at $972/tonne, putting the MTBE factor against cash barges at 1.23-1.24.
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